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<5)150 BABt'OIL WELL 
16™ JULY 16G* 


HfJ. BREWER 
,1 J.S. ELLIOTT 


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PRESIDENT FURNACE 


Wi MUSTCR PROPERTY 

CONTAINING 

8400 ACRES (MORE OR LESS), 

in PRESIDENT TOWNSHIP, X 

VENANGO COUNTY; 

PENNSYLVANIA. 


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THE 




petroleum Ofompamr, 


PRESIDENT, VENANGO CO., PENNSYLVANIA. 


Capital Stock, $5,000,000, 

IN SHARES OF $5 EACH, PAR VALUE. 

SUBSCRIPTION PRICE, 

S ? or full Shares not liable l« further assessment, $1 each* 




THE PROPERTY OF THE COMPANY EMBRACES 

8,400 ACRES OF 1 FA X IO, 

On the South Side of the Mleghany Stiver, 

ON HEMLOCK, PORCUPINE AND McCREA CREEKS. 


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N e to I? 0 r k : 

WESTCOTT & CO., PRINTERS, 


No. 79 John Street. 


1 8 6 4 . 






No. 64 Cedar street, 

New York, September , 1864. 

M 

Dear Sir : We invite your attention to a projected enter¬ 
prise in the production of Petroleum now in process of or¬ 
ganization. 

Several of our leading capitalists and business men have 
already interested themselves in it, and in the fullest manner 
endorse the value of the property. 

We are satisfied no project has been offered to the public 
which promises such large returns for the investments, with 
a prospective income almost incalculable. 

Full information in regard to the matter, and names of 
the parties already interested, will be cheerfully furnished, 
on application to us, at our office, No. 64 Cedar street. 

Yours, respectfully, 

L. H. Simpson & Co. ' 



\ 


THE 



OF PENNSYLVANIA. 

Capital Stock, $5,000,000—in Shares of $5 each, par value. 

SUBSCRIPTION PRICE, $1 PER SHARE. 

100,000 SHAKES RESERVED EOK WORKING CAPITAL,. 

LANDS LOCATED ON 

Alleghany Kiver, Hemlock, Porcupine, and McCrea Creeks. 


These lands of the proposed company consist of about 
8,400 acres, including three islands on the river, with a large 
quantity of pine, oak, and hemlock timber, of the very best 
quality, iron ore, &c., &c. 

The improvements upon the property are a large iron blast 
furnace, a grist mill, fourteen tenement buildings, a saw mill 
capable of producing considerable quantities of lumber daily, 
a store, three blacksmith shops, outbuildings, &c., &c. 

The oil territory, adapted for boring purposes, consists of 
an area of two and a half miles in length on the Alleghany 
river, and seven and a half miles of boring territory on Hem¬ 
lock, Porcupine, and McCrea creeks ; all of which have been 
examined by gentlemen of experience in such matters, and 
who are known as practical oil men. It is believed that this 
territory will produce, with proj^er energy, as much petroleum 
as is now obtained on the entire “ Oil Creek Territory.” 

Adjoining this property, wells are producing daily imi- 









4 


mensc quantities of oil. On this property two wells are being 
bored, which promise great and profitable results. The for¬ 
mation and character of this property is identical with the 
“ Oil Creek property”—the celebrated “ Harper” well ad¬ 
joining, and, at one time, a portion of this property, promises 
an immense yield. 

The following is an extract from the Oil Trade Review, 
under date of August 3, 1864, respecting this well : 

“ The farm of Robert Harper, one hundred acres, two 
miles above Pithole creek, on the river, has been recently 
leased to R. C. Clyde and several gentlemen from New York, 
who are now engaged in developing it. They have four wells, 
at depths ranging from two hundred to five hundred feet, 
which give fine shows of oil. The landed interest, one fourth, 
has recently been sold for twenty thousand dollars. Opposite 
the McCrea a farm has recently been sold for $60,000, and 
the Culberston farm, just below, has brought $55,000. Still 
further down, Messrs. Hussey & McBride are boring several 
wells on their extensive purchases. Almost the whole river 
shore, for several miles above and below these localities, has 
recently passed into the hands of companies residing in the 
eastern cities. Stewart’s run, two miles above the Harper 
place, is now being developed by several parties.” 


New York, August 5, 1864. 
Messrs. L. H. Simpson & Co.: 

Gents : In compliance with your request, I visited, for the 
second time, the tract of land known as the “ President” tract, 
in Venango county, Penn., and must say that I am fully sat¬ 
isfied that it is first quality oil land. Lying immediately 
back of the McAllister tract, on the Alleghany river, is a 
well, known as the “ Heydrick” well, which has already 
yielded aboqt 28,000 barrels of oil This well is within ten 



rods of tlie line. Other wells lying above and below the tract 
on the river, are yielding from 10 to 150 barrels per day each. 
The land, as you see by the map, lies two and a half miles on 
the river, and ten miles on the Hemlock creek and its branches ; 
and the whole tract contains, probably, three quarters as much 
boring territory as the whole of Oil creek. This portion of the 
river has, until very lately, been entirely unexplored for oil. Some 
fifteen miles above it, by the course of the river, are the celebra¬ 
ted “ Economite” wells, which have been flowing some three 
years. Within three weeks, a well three miles above was struck, 
flowing 150 barrels daily, and a well not yet pumped has just 
been struck on the “ Harper” farm, within the bounds of the 
property. This settles all doubt as to this being oil territory. 
The valley of Hemlock is a better valley than that of Oil 
creek, and has more boring territory per mile. The value you 
can easily calculate when you look at the prices of lands on 
Oil creek. 

Yours truly, 

Joseph Morse, Jr. 


Extract from Petroleum Recorder , Sept. 14, 1864. 

The President Petroleum Company. —In another column 
will be found an advertisement from this new company in 
which the prospectus states that some of the leading capi¬ 
talists and business men of this city have interested them¬ 
selves, and who, in the fullest manner, endorse the value of 
the property. 

The capital stock is five millions of dollars, in one million 
shares of five dollars each, par value, the subscription price 
to which is one dollar per share, and of which one hundred 
thousand shares are reserved for working capital. 

The lands of the proposed company, which are located 
on Alleghany River, Hemlock, Porcupine and M‘Crea Creeks, 



6 


consists of about eight thousand four hundred acres, including 
three islands on the river. 

The oil territory adapted for boring purposes, consists of an 
area of two and a half miles in length on the Alleghany River, 
and seven and a half miles of boring territory on Hemlock, 
Porcupine, and M‘Crea creeks, all of which have been ex¬ 
amined by gentlemen of experience in such matters, and who 
are known as practical oil men. It is believed that this ter¬ 
ritory will produce, with proper energy, as much Petroleum 
as is now obtained in the entire u Oil Creek Territory.” 

Adjoining this property, wells are producing daily immense 
quantities of oil. 

On this property two wells are being bored, which promise 
great and profitable results. 


The formation and character of this property are identical 
with the “ Oil Creek property the celebrated “ Harper” 
well adjoining, and at one time a portion of this property, 
promises an immense yield. 

The following letter from Samuel Q. Brown, of Oil Creek, 
which we select from several others confirmatory of the value 
of the property, is highly satisfactory : 


New York, August 9 th, 18G4. 

Dear Sir : Your inquiry of to-day, in regard to my opin¬ 
ion of the “ President Furnace tract,” for oil purposes, is 
before me, and I take pleasure in saying that (being person¬ 
ally acquainted with its location and surroundings) I have no 
doubt that as large wells will be obtained in the Valley of 
Hemlock, in which it is located, as in any other point on the 
Alleghany river. I am led to this conclusion from recent 
developments on the “ Harper Farm” and former develop¬ 
ments on the “ Heydrick Farm,” which are in this locality. 

Yours truly, 

Sam’l Brown. 

L. H. Simpson, Esq., 

64 Cedar street, New York. 


7 


The fullest information, with names of the parties already 
interested, will he furnished on application to L. H. Simpson 
& Co., at their office, 64 Cedar Street, New York. 


Extract from the Commercial Advertiser , Sept. 19, 1864. 

The President Petroleum Company.— This is the title 
of one of the largest oil companies yet formed. The cor¬ 
poration comprises 8,400 acres, on the south side of the Alle¬ 
ghany Kiver. The prospectus says : 

“ These lands consist of about 8,400 acres, including 
three islands on the river, with a large quantity of pine, 
oak, and hemlock timber, of the very best quality, iron ore, 
&c. 

“ The improvements upon the property are a large iron 
blast furnace, a grist mill, fourteen tenement buildings, a 
saw-mill capable of producing considerable quantities of 
lumber daily, a store, three blacksmiths’ shops, out-buildings, 
&c. 

“ The oil territory, adapted for boring purposes, consists of 
an area of two and a half miles in length on the Alleghany 
river, and seven and a half miles of boring territory on Hem¬ 
lock, Porcupine, and McCrea creeks ; all of which have been 
examined by gentlemen of experience in such matters, and 
who are known as practical oil men. It is believed that 
this territory will produce, with proper energy, as much pe¬ 
troleum as is now obtained on the entire 4 Oil Creek Ter¬ 
ritory.’ 

“ Adjoining this property, wells are producing, daily, im¬ 
mense quantities of oil. On this property two wells are 
being bored, which promise great and profitable results. The 
formation and character of this property are identical with the 
‘ Oil Creek property’ — the celebrated ‘ Harper’ well ad- 



8 


joining, and, at one time a portion of this property, promised 
an important yield. 

6i The conrpany is organized upon a par capital of $5,000,000, 
with one million shares, which are offered at the subscrip¬ 
tion price of one dollar per share. Three hundred thousand 
shares remain open for subscription/' 

Among the names of subscribers to the stock are the fol¬ 
lowing : 

A. Y. Stout, Shoe and Leather Bank ; D. R. Martin, 
Ocean Bank ; W. H. Cox and Shepherd Knapp, of the Me¬ 
chanics' Bank ; Jos. Oakes, V. P. Shoe and Leather Bank ; 
Chas. Dennis, Atlantic Mutual Insurance Company ; Elwood 
Walter and John Harbeck, Jr. 


Extract f rom the Evening Express , Sept. 20, 1864. 

w The President Petroleum Company is the title of one of 
the largest oil companies yet formed. The property of the 
corporation comprises 8,400 acres on the south side of the 
Alleghany river. The prospectus says : 

a These lands consist of about 8,400 acres, including 
three islands on the river, with a large quantity of pine, 
oak, and hemlock timber of the very best quality, iron ore, 
&c., &c. 

“ The improvements upon the property are a large iron 
blast furnace, a grist mill, fourteen tenement buildings, a 
saw-mill capable of producing considerable quantities of lum¬ 
ber daily, a store, three blacksmiths' shops, out-buildings, 
&c., &c. 

“ The oil territory, adapted for boring purposes, consists 
of an area of two and a half miles in length on the Alle- 



9 


ghany river, and seven and a half miles of boring territory 
on Hemlock, Porcupine, and McCrea ^creeks, all of which 
have been examined by gentlemen of experience in such mat¬ 
ters, and who are known as practical oil men. It is believed 
that this territory will produce, with proper energy, as much 
petroleum as is now obtained on the entire ‘ Oil Creek Ter¬ 
ritory.’ 

“ Adjoining this property, wells are producing daily im¬ 
mense quantities of oil. On this property two wells are 
being bored, which promise great and profitable results. 
The formation and character of this property is identical with 
the ‘ Oil Creek property’—the celebrated ‘ Harper’ well ad¬ 
joining, and, at one time, a portion of this property promises 
an immense yield.” 

Mr. F. Prentice, a gentleman well known in connectionVith 
oil wells, writes from Oil City, August 15, to Messrs. L. 
H. Simpson •& Co., 64 Cedar street, concerning this prop¬ 
erty : See extract from Petroleum Recorder . September 
21, 1864. 

The company is organized upon a par capital of $5,000,000, 

. with one million shares, which are offered at the subscription 
price of one dollar per share. Three hundred thousand shares 
remain open for subscription. 

Amon<x the names of the subscribers to the stock are the 
following : 

A. V. Stout, Shoe and Leather Bank ; D. R. Martin, 
Ocean Bank ; AY. II. Cox and Shepherd Knapp, of the Me¬ 
chanics’ Bank , Jos. Oakes, Y. P. Shoe and Leather Bank ; 
Chas. Dennis, Atlantic Mutual Insurance Co. ; El wood AYal- 
ter, Harbeck & Co. ; Fletcher Westray, Kirkland & Co. ; 
John J. Crane, Crocker & Warren, and other merchants of 
first standing in the community. 

The names here given are among our most careful and in- 

9 


r 


10 


lelligent citizeils. The more these coal oil lands are devel¬ 
oped the more wonderful they seem. The hand of Providence 
seems plain in these rich supplies to meet the necessities of 
the world. 


Extract from the Petroleum Recorder , Sept . 21, 18(>4. 

The President Petroleum Co. —In our last issue we 
referred to this company, and now understand that only 
300,000 shares remain open for subscription. Among the 
names of Subscribers to the stock are the following : A. \ . 
Stout, Shoe and Leather Bank ; 13. R. Martin, Ocean Bank; 
W. H. Cox and Shepherd Knapp, of the Mechanics’ Bank ; 
Jos. Oakes, Y. P. Shoe and Leather Bank ; Chas. Dennis, 
Atlantic Mutual Insurance Co. ; Elwood Walter, 3 no. Har- 
beck, Jr., John J. Crane, Fletcher Westray, Kirkland & 
Co., Crocker & Warren, and many others of our influential 
capitalists. 


In reference to this property, Mr. F. Prentice, a gentle¬ 
man well known in connection with oil wells, writes from Oil 
City, as follows : 


Oil City, August 1 5th, 1864. 

Messrs. L. II. Simpson & Co., 

64 Cedar street, New York : 

Gents : Your letter was received, soliciting my subscription 
to your enterprise to develope the 41 President” lands, onvthe 
Alleghany river, and I delayed answering on account of my 
being absent at Franklin, and the time occupied in visiting 
the property you wish me to purchase an interest in. I am 
pleased to state that the property has impressed me very fa- 



* 


11 

vorably, and your representations about its present and pros¬ 
pective value were correct. I found that they are just boring 
a well on the farm adjoining, which seems to be full of oil. 
I ascertained that a few days before, several barrels of oil 
flowed over the conductor, and the parties boring think they 
have a splendid well. Just above this farm, I understood 
there are two good wells, yielding from 10 to 20 barrels per 
day, and below there are several yielding wells ; at Pithole 
creek, just below the President tract, I understand they have 
struck a fifty-barrel well to-day. Now, with oil above and 
below your tract, and with so much good boring territory, it 
cannot be doubted but you will get paying wells, as you have 
some four miles in the valley of Hemlock creek, besides the 
other territory, and a river frontage of two and a half miles, 
with room enough to bore several hundred wells ; but you 
must not expect every well to be a success ; still, if you only 
get a quantity of wells yielding 25 barrels each daily, or one 
half of the wells you sink should prove successful, it would 
pay enormously, as you can readily see. In conclusion I will 
say, if Messrs. Myers & Kinnear, counsellors-at-law, Franklin, 
find the title perfect to your land, after examination, and you 
will bring me abstract of title showing a perfect title to the 
8,400 acres, I will take 15,000 shares, at the price you pro¬ 
posed, by your calling on me at Franklin, or you can call and 
see A. V. Stout, Esq., President of the Shoe and Leather 
Bank, New York city, and he will inform you that I will do 
as I agree. I would suggest, if you put this property into a 
subscription, that you reserve from $ 75,000 to $100,000, and 
set it aside for working capital, to develop this property, and 
that you immediately get a competent man to take charge 
and commence to make developments, as there should be no 
time lost in this matter. 

Yours respectfully, 

F. Prentice. 

p g—X would recommend, in case this arrangement is com¬ 
pleted, that the company engage a competent man of experi- 


12 


\ 


ence at the creek, to take the boring in charge, as much de¬ 
pends on skill in the tubing and working of the wells ; some¬ 
times it is of as much consequence as good territory. 

Yours, 

F. P. 


The following letter from Mr. Ira Canfield will also be 
read with interest : 


Simsville, 14 tli August , 1864. 

L. H. Simpson & Co., 

Gents : In response to your letter of inquiry, in reference 
to property known as the President Farm, on the Alleghany 
river, neai* President, containing eight thousand four hun¬ 
dred acres, I have no hesitancy in saying (after a most 
thorough investigation, with the intention of purchasing the 
same) that, from its location and favorable surroundings and 
immense extent of territory, for oil purposes, and its large 
amount of valuable timber, being from two and a half to 
three miles river border, and including the valley of Hemlock 
Creek, on both sides of the same, from four to six miles, as 
being a property of immense value. 

This property, the west line is close to the famous Heydrick 
well, having been in successful operation over three years, a 
good portion of the time, flowing from three hundred to five 
hundred barrels per day, and is still successfully being worked ; 
also within sight of the noted Huzy and McBride wells, 
which are of old standing, and their products have been 
immense, and are still successfully working. Within sight, 
on the east, the Boston Company's lands are situated, on 
which are the renowned Fryburg and Carpenter wells, one of 
which flowed largely. The product is said to have been at 
one time eleven hundred barrels per day. This valley of 
Hemlock Creek is wide and of great extent, and its general 


13 


features recommends it as being at least equal, if not superior, 
to any unexplored territory. In conclusion, I would merely 
say that I have been engaged in the oil business, and have 
resided in the oil region, boring and working wells, making 
this my entire business, tor the past three and a half years. 

Yours truly, 

Ira Canfield. 


C. M. Morse, in the following letter, fully confirms the 
favorable opinion of all parties on this valuable property : 

Oil City, Sept. 3d, 1864. 

L. H. Simpson, Esq. 

Dear Sir : Your letter duly received, and in answer I can 
only say that, from personal examination, I am more than 
ever convinced of the immense value of the President Lands, 
commonly known as the Hemlock Creek or Clapp property. 
There is about eight thousand four hundred acres, including 
three islands, with nearly three miles river front and over 
seven miles of creek valley, suitable for boring for oil. The 
valley of Hemlock will average half to three quarters of a 
mile wide ; and the Porcupine valley is admirably situated 
for boring purposes. There are now two wells being bored on 
the lower end of the river territory, by the Heydrick Brothers, 
on this property, adjoining the celebrated Heydrick well, 
which has already produced over thirty thousand barrels of 
oil, and is still producing twenty barrels per day, and Mr. 
Heydrick told me yesterday that he has struck a large vein of 
oil on your property, which promises to be a much better 
well than the one referred to above—that he srets his sand 
pumps full of pure oil from the bottom of the well, which is 
much better than the usual show. He is to tube and pump 
it immediately, when I will advise you of results. Mr. Clapp 



14 


is also boring about three miles up “ Hemlock/' with excel¬ 
lent prospects. A very fine well has also been struck the 
past week on the M c Crea farm, opposite this land, on the 
river. From the fact that excellent producing wells are 
almost daily being struck above, below, and opposite these 
lands, and its close proximity to the celebrated Walnut Bend 
and Horse Creek lands, I have no hesitation in saying that I 
consider this the most valuable territory in this region that 
can be procured. I have spent much time in examining these 
lands, and from the geological position, I have not the least 
doubt but large quantities of oil will be the result of proper 
developments. 

I remain yours, &c., 

C. M. Morse. 


Prospectuses, with a descriptive map of the region, together 
with the fullest possible information required, will be cheer¬ 
fully furnished on application to L. II. Simpson & Co., 64 
Cedar street, New York. 

Extract from the Independent , September 22, 1864. 

Mammoth Oil Company. —We should judge by the large . 
number of these corporations now being organized, that the 
petroleum oil business was very prosperous. The discovery 
of this oil has been worth already millions of dollars to the 
government. The shipments abroad are at present perfectly 
ernormous, and are steadily and rapidly increasing. A new 
company, known as the President Petroleum Company, is 
now being organized, with a prospective capital of five mil¬ 
lions of dollars. We have seen a list of the stockholders, 
and it embraces some of the strongest names in the city of 
New York, including seven bank presidents and other lead¬ 
ing men, connected with some of the largest institutions 



m the country. We have no interest in any oil company, 
but do not hesitate to say that, had we money to invest, 
we should take some of this stock. It promises to pay 
large dividends, and can hardly help doing so even with 
only moderate success. Those of our readers who have 
money to invest in corporations of this character will find 
this new company worthy of their attention. 


Extract from Le Mcssager Franco-American, Sept. 23, 18G4. 

Nous traduisons de lTndependent de New York : “ D’apirs 
le nombre des compagnies qui s’organisent pour l’exploitation 
des sources de huile d’huile de petrole, on pent juger combien 
prosphres sont les affaires qu’elles font. La decouverte de 
cette huile a deja valu an gouvernement des millions de dol¬ 
lars. Len chargements de cette huile sont en ce moment con¬ 
siderables, et ils prennent chaque jour de plus grandes pro¬ 
portions. La nouvelle compagnie connue sous le nom de 
President Petroleum Company s’organise avec un capital de 
cinq millions de dollars. Nous avons vu la liste des action- 
naires, et elle renferme les noms les plus importants de laville 
de New York, y compris sept presidents de banque et nom¬ 
bre de chefs des plus importantes institutions f financieres et 
autres. Nous ifavons aucun interet dans cette compagnie, 
pas plus que dans les compagnies semblables qui s'oceupent de 
fexploitation de Lhuile de petrole, mais nous y mettrions 
bien des fonds si nous en avions de disponibles. La compa¬ 
gnie President doit donner de bons dividendes et elle ne pent 
manquer de le faire, en reussissant meme moderement. Ceux 
de nos lecteurs qui out des fonds a bien placer, dans ce genre 
d'affaires, trouverout tous les avantages possibles en s'adressant 
a cette compagnie. 



16 


Particular attention is called to the following letter from 
Dr. S. Pancoast, a well-known geologist : 

Philadelphia, Sept. 23, 1864. 

Messrs. L. H. Simpson & Co. 

Gentlemen : In compliance with your request I give you 
my opinion of the oil territory on Hemlock Creek, and the 
immediate neighborhood. About one year ago, after paying 
a visit to Venango county, and, examining the territory on 
Oil Creek from Titusville to Oil City, I remarked to some 
friends who were with me, that in my opinion Hemlock Creek, 
from the geological formations in the neighborhood indi¬ 
cated as good, if not better prospects for oil, than Oil 
Creek. 

At that time the source of Petroleum was not fully de¬ 
cided upon, and but few could be made to believe that 
oil could be found anywhere else than on Oil Creek. At 
this time but slight development had taken place on 
the Alleghany river above Oil City. The wells that 
had been bored were not sunk deep enough to test the ter¬ 
ritory properly, with the exception of the Heydrick Phillips, 
and one or two other wells, the former is just below Pitt 
Hole, and below your property on the same side of the river. 
This well, I have been told by those who ought to know, 
flowed in the neighborhood of sixty thousand barrels of oil. 
Within the last few months more attention has been directed 
to this post of the Alleghany river, and the success that has 
attended the enterprise has given this territory from Oil City 
up to above Hemlock Creek, a great reputation, and ad¬ 
vanced property to fabulous prices. Some of the companies 
organized in Philadelphia hold property located on the river 
above Oil City. Lately I have had an opportunity of ex¬ 
amining the territory in the neighborhood of your property, 
and, judging geologically , I am of the opinion that it will 
prove as rich in oil as Oil Creek. 

The surface indications, geological formations, and develop¬ 
ments in the neighborhood confirm this. 


17 


1 would state, in conclusion, that I do not believe you have 
any conception of the magnitude of your enterprise—if it 
should prove a second Oil Creek, with the large amount of 
territory you have, it will he worth millions of dollars, pro¬ 
viding you have sufficient working capital and a competent 
superintendent to properly develop the lands. It would not 
surprise me if your company would take the lead of all those 
organized in your city. To prove that I have confidence in 
your success I will request you to put my name down for ten 
thousand shares. 

Respectfully, 

S. Pancoast. 


' Extract from Money Article of the World , September 

2 8th, 1864. 

The speculations in railway shares have been injured to 
some extent by the withdrawal of a large amount of capital 
from them to invest in Petroleum stocks. The capital thus 
invested has been used hitherto entirely in railway specula¬ 
tions. Another movement, which is likely to cause an im¬ 
portant withdrawal of money from employment on the stock 
exchange, is the establishment of a Petroleum Stock Ex¬ 
change, under the auspices and direct management of some 
of our most influential and wealthy German merchants. Few 
persons have any idea of the magnitude of this Petroleum 
interest. On a recent occasion Governor Curtin, of Pennsyl¬ 
vania, stated in a public speech that the Petroleum produced 
in the State was sold at the wells for $56,000,000 during the 
last twelve months, and that the iron and coal of Pennsyl¬ 
vania only produced $51,000,000. In Philadelphia, the 
daily sales of Petroleum stocks at the regular stock exchange 
board are over $200,000, and the number of Petroleum com¬ 
panies organized is about one hundred and fifty, and in New 
York about eighty. The annual receipts for Petroleum at 

3 




18 


/ 

the wells, according to Governor Curtin ($56,000,000), is 
equal to about a ten per cent, dividend on $500,000,000 of 
capital, and it pays a larger average dividend than five hun¬ 
dred millions of dollars invested in railway shares. Our Ger¬ 
man citizens, with their usual shrewdness, have been the 
pioneers in developing this vast interest. One German firm 
has shipped to Europe within the last six months over eighty 
thousand barrels, and has at present orders on hand for sixty 
thousand barrels more. The Petroleum trade is only in its 
infancy. These figures and statements evidence that the Pe¬ 
troleum Stock Exchange is a necessity, and that the leading 
German merchants who have started the affair have done so 
after due care and calculation. The success of the under¬ 
taking is thus assured by the magnitude of the Petroleum 

r i 

stock business itself, and the powerful and wealthy patronage 
tendered to it. 


To more fully explain the foregoing property, and to an¬ 
swer the many inquiries made, we submit the following state¬ 
ment : 

The usual time consumed in boring a well to a depth of, 
say, 500 feet, is about two months, its cost exclusive of en¬ 
gine and boring tools, is about $3 per foot. Two wells can 
be bored or pumped at one time, by an engine of about 15- 
horse power. 

As soon as this company becomes organized, its first ef¬ 
forts will be to sink a large number of wells in as short a time 
as practicable. 

Dividends will be declared on the par value of the stock 
as soon as the finances of the company will admit. 

As to the future prospect: Of the depreciation of the value 
of Petroleum, we can only say, that it may perhaps be some¬ 
what affected by a fall in the now ruling rates of gold, but 
in consequence of the large foreign demand for this article, 
which cannot be obtained from any other source than this 


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19 


country, ancl which is constantly on the increase, it is be¬ 
lieved that its rate will not closely assimilate with the fluc¬ 
tuations of gold. 

The fiist oil was obtained in August, 1859, and already 
the amount produced in the State of Pennsylvania alone has 
reached $56,000,000 per annum, against $51,000,000 of all 
coel and iron produced in the State, as per recent statement 
of Governor Curtin, made from official reports. 

There are now three wells upon the property, two of which 
are upon the land owned by the company, but leased ; the 
lessee boring all wells at his own expense, the company re¬ 
ceiving for rent one third of the gross proceeds of the pro¬ 
duction of any or all wells which may he sunk. Another 
well full of oil, belonging wholly to the company, will be 
pumped next week. These wells are sunk, one 400 feet and 
two 250 feet each. 

The vast amount of boring territory possessed by this com¬ 
pany, is a certain guarantee that it will not run the hazard 
of a failure either on account of space for boring for wells, 
or, a risk of destroying a good well, by reason of boring a 
new one close adjoining one already producing, such having 
been the case when companies have been very limited in the 
extent of their boring territory. 

One hundred thousand shares are to be sold for the benefit 
of the entire stock, thus making a working capital amply 
sufficient for working and developing the property without 
any further call upon the subscribers. 


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New York, September 24, 1864. 

In answer to many inquiries, we would state that the sub¬ 
scription price of $1 per share is payment in full for each 
share of $5 par value, without any further call or assess¬ 
ment. One hundred thousand shares of the stock is re¬ 
served for a working capital. You will also find enclosed 
a copy of the terms of subscription, with maps of property 
and full particulars. Should you desire to take shares, 
please fill up the following blank, detach the same and for¬ 
ward with amount subscribed for, which will be duly acknowl¬ 
edged. 

Yours, &c. 

L. H. Simpson & Co., 

64 Cedar street. 


Date.186 

Messrs. L. H. Simpson & Co., 64 Cedar street , 

f Gentlemen : I herewith enclose dollars 

being the subscription for shares of stock 

in the President Petroleum Co. 

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Signature.... 

Place of residence,..,,— .....-. 



















































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Dear Sir: 

We invite your attention to the enclosed Prospectus of the President Petroleum Company. Amongst 
the subscribers to the Stock are the first Merchants and Bankers in the country, viz : 


Siiepard KNAru. President Mechanics’ Bank. 
W. H. Cox, Esq., Cashier Mechanics’ Bank, 
James D. Frsir, Esq., President Marine Bank, 
D. R. Martin, President Ocean Bank, 


Ei.woon Walter. President Mercantile Mutual Tns. Co., 
Harbf.cks A Co., Shipping Merchants, 

Crocker & Warren, Shipping Merchants, 

Fletcher Westray, Esq., of Westray, Gibbs & Hardcastle, 


Iyirtland & Co., Bankers, 9 Wall Street, 


And many other prominent and influential gentlemen. The enterprise is one of the first magnitude and standing, and it 
is our firm belief that it will prove one of the best paying investments in the United States. The land owned by this 
Company embraces two and one-half miles frontage on the Alleghany River, and seven and one-half miles down the Hem¬ 
lock, Porcupine and McRae Creeks, giving a boring territory of ten miles to the Company, which is equal in extent to the 
whole of Oil Creek. Besides this the lands are covered with Iron, Coal, and Timber, which is to be made marketable by 
means ot a Rail Road now being surveyed, and laid down on the map of Pennsylvania—running from Ridgeway to 
Franklin—which will pass immediately through the property. When this Rail Road is completed, it will make these lands 
worth three times the price at which they are put into the Company, viz: $110. per acre for the surface products, irrespec¬ 
tive of their value for Oil. There are now two wells going down under leases granted to parties—the conditions of these 
leases are, that the parties have the privilege of thirty perches of land on the McAlister part of the River front, and are 
to put down three wells at their individual expense, giving to the Company, as royalty, one-third of the gross amount of the 
oil these wells may produce—these wells are now down two hundred and three hundred feet, and make very fine show of oil, 
and it is believed will be the best producing wells in that vicinity. There is also another well, belonging exclusively to the 
Company, down about four hundred feet, which is full of oil, and the pumps and machinery are being prepared to pump it 
The results from this well arc expected to be very great. The Company also intend to put down several more wells, and to 
make the whole property highly valuable by large developments, and be able to sell off or lease sufficient of these lands 
for oil purposes at an advance, and reserve the best territory for the uses of the Company. 

There is also upon the property a large Iron Blast Furnace, which, by expending a small sum upon it, can 
be made to manufacture Iron if found desirable and profitable. It is the intention of the Company to lease out 
portions of the property to parties, allowing them to bore for oil, and give to the Company a royalty of the oil produced ; 
this wil 1 of course make an additional revenue to that produced by the Company’s developments. The Harper farm of 
one hundred acres, which was formerly a part of this property, has been sold to parties for two hundred thousand dollars 
for the one hundred acres, since the commencement of this enterprise. 

Some idea of the immense value of Oil Territory may be gathered from the following statement: The Noble and 
Delamater Well is pouring forth a constant stream of oil, at the rate of five hundred barrels per day, equal to six thousand 
dollars, or over two million dollars worth yearly. The Jersey Well yields about five thousand dollars daily. The Hyde and 





Other property, not far from some of these properties, and closely resembling them, was offered in December last for eight 
hundred dollars. Two Acres of "the same property have just been sold for over four hundred thousand dollars. One Well 
having been bored which yields eighty thousand dollars per month, or nearly one million dollars per annum. 

The land interest (which is entitled to one half the oil) in three acres on the Tar farm is held at three hundred thousand 
dollars. 

Another Company has Four Hundred Acres, in fee simple. The Stock was sold originally at two dollars and 
fifty cents per share, it has been sold since at two hundred and fifty dollars per share. One gentleman who had two thousand 
shares, which cost him five thousand dollars, was offered four hundred and fifty thousand dollars for them. A great many 
similar cases could be cited. There are no reasons, however, why some of the properties belonging to this Company should 
not produce Oil as copiously as the Wells mentioned above, and in that case the immense amount of this property would 
make its value almost beyond calculation. 

There still remains to be sold of the Stock about two hundred thousand dollars only, and that is being rapidly taken up. 
For every dollar the subscriber pays, he gets five dollars in Stock (full paid) without any further call or assessment, 
as one hundred thousand dollars is set aside or reserved for a working capital. For further information we refer you to the 
several letters embodied in the prospectus. Should you conclude to invest, you will please fill up the enclosed blank and 
witli the amount of your subscription return to us, which, when received, will be acknowledged by 

Yours, Very Respectfully, 

L. H. SIMPSON & CO., Sole Subscription Agents, 

64 CEDAll STREET, NEW YORK. 


THE FOLLOWING NAMED GENTLEMEN ARE TIIE OFFICERS OF TTIE COMrANY : 

President,.AMORY EDWARDS, Esq., .New York. 

Treasurer,.L. H. SIMPSON, Esq.,..... “ 

Secretary,.J. EDWIN. CON ANT, Esq., . “ 

Counsel,. Messrs. PLATT, GERARD & BUCKLEY,. “ 


DIRECTORS. 

Amory Edwards, Esq.,. .New Y T ork. 

Eben B. Crocker, Esq., of Crocker & Warren,. “ 

Fletcher Westray, Esq., of Westray, Gibbs & Hardcastle,.•. “ 

J. M. Clapp, Esq., President, Venango Co.,.Penn. 

JL. H. Simpson, Esq., of L. H. Simpson & Co.,.New York. 

































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President, Venango County, Pennsylvania. 


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Dear <57r : 

We invite your attention to tlie Prospectus of the President Petroleum Company. Amongst the 
subscribers to the Stock are the first Merchants and Bankers in the country, viz : 


Shepard Knapp, Esq., President Mechanics’ Bank, 
W. H. Cox, Esq., Cashier Mechanics’ Bank, 

James D. Fish, Esq., President Marine Bank, 

D. R. Martin, Esq.. President Ocean Bank, 
Kirtrand & Co., Bankers, 9 Wall Street, 


El wood Walter, Esq., President Mercantile Mutual Ins. Co., 
Harbecks & Co., Shipping Merchants, 

Crocker & Warren, Shipping Merchants, 

Fletcher Westray, Esq., of Westray, Gibbs & Hardcastle, 
And many other prominent and influential gentlemen. 


This enterprise is one of great magnitude and importance and it is our firm belief that it will prove one of the best 
paying investments in the United States. The lands, on the basis of which it was originally proposed to organize the 
PRESIDENT PETROLEUM COPMANY, embraced two and one-half miles frontage on the Alleghany River, and seven 
and one-half miles on the Hemlock, Porcupine and McRae Creeks, giving a boring territory of ten miles,—nearly equal in 
extent to the whole of Oil Creek,—and containing about Eight Thousand Four Hundred Acres of Land. As the proprie¬ 
tors ascertained that quantity of acres and number of shares to be greater than any one corporation was authorized, by 
the laws of Pennsylvania, to hold, it has been deemed advisable to divide the land among three companies, to be organized 
under the laws of that State, and reduce the number of Shares. To preserve the ratio of subscription, the Stock of each 
Company will consist of Two Hundred Thousand Shares, and each holder of Stock in the President Petroleum Company 
will be entitled to an equal amount of the Stock of the other two companies, respectively, without further cost. 

The Stock of the three Companies has been received by the proprietors in payment of the lands, and the Stock of 
the President Petroleum Company, with the privilege above mentioned, is offered by them for sale at the rate of Five 
Dollars for each Share of Twenty-Five Dollars, (par value,) being the same proportion as that originally offered, where 
Five Dollars in Stock w T as to be issued on payment of One Dollar. 

The lands of these Companies are covered with Iron, Coal, and Timber, which is to be made marketable by 
means of a Rail Road now being surveyed, and laid down on the map of Pennsylvania—running from Ridgeway to 

Franklin_which will pass immediately through the property. When this Rail Road is completed, it will make these lands 

worth three times the price at which the Shares are offered, viz: $110 per acre for the surface products, irrespective 
of their value for Oil. There are now two wells going down under leases granted to parties—the conditions of these 
leases are, that the parties have the privilege of thirty rods of land on the McAlister part of the River front, and are 
to put down three wells at their individual expense, giving to the Company, as royalty, one-third of the gross amount of the 
oil these wells may produce—these wells are now down two hundred and three hundred feet, and make very fine show of oil, 
and it is believed will be the best producing wells in that vicinity. There is also another well, belonging exclusively to the 
Company, down about four hundred feet, which is full of oil, and the pumps and machinery are being prepared to pump it. 
The results from this well are expected to be very great. The Company also intend to put down several more wells, and to 
make the whole property highly valuable by large developments, and be able to sell off or lease sufficient of these lands 
for oil purposes at an advance, and reserve the best territory for the uses of the Company. 

There is also upon the property a large Iron Blast Furnace, which, by expending a small sum upon it, can 
be made to manufacture Iron if found desirable and profitable. It is the intention of the Company to lease out 
portions of the property to parties, allowing them to bore for oil, and give to the Company a royalty ot the oil produced , 





this will of course make au additional revenue to that produced by the Company's developments. The Harper farm of 
one hundred acres, which was formerly a part of this property, has been sold to parties for two hundred thousand dollars 
for the one hundred acres, since the commencement of this enterprise. 

Some idea of the immense value of Oil Territory may be gathered from the following statement: The Noble and 
Delamater Weil is pouring forth a constant stream of oil. at the rate of live hundred barrels per day, equal to six thousand 
dollar's, or over two million dollar's worth yearly. The Jersey Well yields about live thousand dollars daily. The Hyde and 
Egbert Farm, thirty-seven acres, has been converted into Companies, representing over seven million dollars. 

Other property, not far from some of these properties, and closely resembling them, was offered in December last for eight 
hundred dollars. Two Acres of the same property have just been sold for over four hundred thousand dollars. One Well 
having been bored which yields eighty thousand dollars per month, or nearly one million dollars per annum. 

The land interest of three acres in another farm, which is leased and only entitled to one half the oil, is held at three 
hundred thousand dollars. 

Another Company has Four Hundred Acres, in fee simple. The Stock was sold originally at two dollars and 
fifty cents per share, it has been sold since at two hundred and fifty dollars per share.' One gentleman who had two thousand 
shares, which cost him five thousand dollars, was offered four hundred and fifty thousand dollars for them. A great many 
similar cases could be cited. There arc no reasons why some of the properties belonging to this Company should 
not produce Oil as copiously as the Wells mentioned above, and in that case the immense amount of this property would 
make its value almost beyond calculation. 

The vast amount of boring territory.possessed by these companies, is a certain guarantee that it will not run the hazard 
of a failure, either on account of space for boring for wells, ora risk of destroying a good well, by reason of boring a 
new one close adjoining one already producing, such having been the case when companies have been very limited in 
the extent of their boring territory. 

The usual time consumed in boring a well to a depth of. say, 500 feet, is about two months, its cost, exclusive of engine 
and boring tools, is about $3 per foot. Two wells can be bored or pumped at one time, by an engine of about 15-horse power 

Dividends will be declared on the par value of the stock as soon as the finances of the company will admit. 

There still remains unsold about Forty Thousand Shares, or Two Hundred Thousand Dollars of Stock, at purchase 
price, which is offered upon the original terms above mentioned, viz: In the proportion of Five Dollars of Stock (full paid) 
without any further call or assessment, for every Dollar paid, One Hundred Thousand Dollars being reserved for a Working 
Capital. No subscription for less than One Hundred Dollars received. For further information we refer vou to the 
several letters on next page. Should you conclude to invest, you will please fill up the enclosed blank and with the 
amount of your subscription return to us, which, when received, will be acknowledged by 

Yours, Very Respectfully, 

L. H. SIMPSON & CO., Sole Subscription Agents, 

64 CEDAR STREET, XE W YORK. 

-* 


THE FOLLOWING NAMED GENTLEMEN ARE THE OFFICERS OF THE COMPANY: 

President,.AMORY EDWARDS, Esq .New York. 

Treasurer,.,..L. H. SIMPSON, Esq.,. « 

Secretary,..J. EDWIN. CONANT, Esq.,. 

Counsel. Messrs. PLATT. GERARD <k BUCKLEY. “ 


DIRECTORS. 


Amory Edwards, Esq. 

Ebex B. Crocker, Esq., of Crocker & Warren,. 
Fletcher Westray, Esq., of Westray, Gibbs A 

J. M. Clapp. Esq.,.. 

L. H. Simpsox. Esq., of L. H. Simpson & Co.,.. 


.New York. 

. u 

Hardcastle,. « 

.President, Venango Co., Penn. 

.New York. 

















The following letters fully confirm the favorable opinion of all parties on this valuable property, 

1' rom SAMUEL Q. BROWN, of Oil Creek. New York, August 9th, 1864. 

Dear Sir: Your inquiry of to-day, in regard to my opinion of the “President Furnace tract,” for oil purposes, is before me, 
and I take pleasure in saying that (being personally acquainted with its location and surroundings) I have no doubt that as large wells 
will be obtained in the Valley of Hemlock, in which it is located, as in any other point on the Alleghany river. I am led to this 
conclusion from recent developments on the “Harper Farm” and former developments on the “Heydrick Farm,” which are in this locality. 
L. H. SIMPSON, Esq., 64 Cedar Street, New York. 'Yours truly, SAM’L Q. BROWN. 


In reference to this property, Mr. F. Prentice, a gentleman well known in connection with oil wells, writes from Oil City, as follows: 
Messrs. L. II. SIMPSON & CO., 64 Cedar St.. New York: Oil City, August loth, 1864. 

Gents: Your letter was received, soliciting my subscription to your enterprise to develop the “President” lands, on the 
Alleghany river, and I delayed answering on account of my being absent at Franklin, and the time occupied in visiting the property 
you wish me to purchase an interest in. I am pleased to state that the property has impressed me very favorably, and your represen¬ 
tations about its present and prospective value were correct. I found that they are just boring a well on the farm adjoining, which 
seems to be full of oil. I ascertained that a few days before, several barrels of oil flowed over the conductor, and the parties boring- 
think they have a splendid well. Just above this farm, 1 understood there are two good wells, yielding from 10 to 20 barrels per day, 
and below there are several yielding wells; at Pitliole creek, just below the President tract, I understand they have struck a fifty- 
barrel well to day. Now, with oil above and below your tract, and with so much good boring territory, it cannot be doubted but you 
will get paying wells, as you have some four miles in the valley of Hemlock creek, besides the other territory, and a river frontage of 
two and a half miles, with room enough to bore several hundred wells; but you must not expect every well to be a success; still, if 
you only get a quantity of wells yielding 25 barrels each, daily, or one-half of the wells you sink should prove successful, it would pay 
enormously, as you can readily see. In conclusion I will say, I will take 15,000 shares, at the price you proposed, by your calling on 
me at Franklin, or you can call and see A. Y. Stout, Esq., President of the Shoe and Leather Bank, New York City, and he will inform you 
that I will do as I agree. I would suggest, if you put this property into a subscription, that you reserve from $75,000 to $100,000, and 
set it aside for working capital, to develop this property, and that you immediately get a competent man to take charge and commence 
to make developments, as there should be no time lost in this matter. Yours respectfully, F. PRENTICE. 

The following letter from Mr. Ira Canfield will also be read with interest: 

L. II. SIMPSON & CO. Shnsville, Wth August, 1864. 

Gents : In i-esponse to your letter of inquiry, in reference to property known as the President Farm, on the Alleghany river, near 
President, containing eight thousand four hundred acres, I have no hesitancy in saying (after a most thorough investigation, with the 
intention of purchasing the same) that, from its location and favorable surroundings and immense extent of territory, for oil purposes, 
and its large amount of valuable timber, being from two and a half to three miles river border, and including the valley of Hemlock 
Creek, on both sides of the same, from four to six miles, as being a property of immense value. 

This property, the west line is close to the famous Heydrick well, having been in successful operation over three years, a good 
portion of the time, flowing from three hundred to five hundred barrels per day, and is still successfully being worked; also within 
sight of the noted Huzy and McBride wells, which are of old standing, and their products have been immense, and are still suceessful- 
]y working. Within sight, on the east, the Boston Company’s lands are situated, on which are the renowned-Frybnrg and Carnent en 
wells, one of which flowed largely. The product is said to have been at one time eleven hundred barrels per day. This valley ot 
Hemlock Creek is wide and of great extent, and its general features recommends it as being at least equal, if not superior, to any 
unexplored territory. In conclusion, I would merely say that I have been engaged in the oil business, and have resided in the oil re¬ 
gion, boring and working wells, making this my entire business, for the past three and a half years. Yours truly, IRA CANFIFLI). 


Particular attention is called to the following letter from Dr. S. Pancoast, a well-known geologist : 

Messrs. L. II. SIMPSON <fc CO. Philadelphia, Sept. 23, 1864. 

Gentlemen: In compliance with your request I give you my opinion of the oil territory on Hemlock Creek, and the immediate 
neighborhood. About one year ago, after paying a visit to Venango county, and, examining the territory on Oil Creek from Titusville 
to Oil City, I remarked to some friends who were with me, that in my opinion Hemlock Creek, from the geological formations in the 
neighborhood indicated as good, if not better prospects for oil, than Oil Creek. 

At that time the source of Petroleum was not fully decided upon, and but few could be made to believe that oil could be found any¬ 
where else than on Oil Creek. At this time but slight development had taken place on the Alleghany river above Oil City. The wells 
that had been bored were not sunk deep enough to test the territory properly, with the exception of the Heydrick Phillips, and one or 
two other wells, the former is just below Pitt Hole, and below your property on the same side of the river. This well, I have been 
told by those who ought to know, flowed in the neighborhood of sixty thousand barrels of oil. Within the last few months more at¬ 
tention has been directed to this post of the Alleghany river, and the success that has attended the enterprise has given this territory 
from Oil City up to above Hemlock Creek, a great reputation, and advanced property to fabulous prices. Some of the companies 
organized in Philadelphia hold property located on the river above Oil City. Lately I have had an opportunity of examining the terri- 
torv in the neighborhood of your property, and, judging geologically, I am of the opinion that it will prove as rich in oil as Oil Creek. 

The surface indications, geological formations, and developments in the neighborhood confirm this. 

I would state, in conclusion, that I do not believe you have any conception of the magnitude of your enterprise—if it should 
prove a second Oil Creek, with the large amount of territory you have, it will be worth millions of dollars, providing you have suffi¬ 
cient working capital and a competent superintendent to properly develop the lands. It would not surprise me if your company 
would take the lead of all those organized in your city. To prove that I have confidence in your success I will request you to put 
my name down for ten thousand shares. Respectfully, S. PANCOAST. 

L. If. SIMPSON, Esq. Oil City, Sept, -kl, 1864. 

Dear Sir : Your letter duly received, and in answer I can only say that, from personal examination, I am more than ever con¬ 
vinced of the immense value of the President Lands, commonly known as the Hemlock Creek or Clapp property. There is about 
eio-ht thousand four hundred acres, including three islands, with nearly three miles river front and over seven miles of creek valley, 
suitable for boring for oil. The valley of Hemlock will average half to three quarters of a mile wide; and the Porcupine valley is 
admirably situated for boring purposes. There are now two wells being bored on the lower end of the river territory, by the He'y- 
drick brothers, on this property, adjoining the celebrated Heydrick well, which has already produced over thirty thousand barrels of 
oil. and is still'producing twenty barrels per da}-, and Mr. Heydrick told me yesterday that he has struck a large vein of oil on your 
property, which promises to be a much better well than the one referred to above—that he gets his sand pumps full of pure oil from 
the bottom of the well, which is much better than the usual show. He is to tube and pump it immediately when I will advise you of 
results. Mr. Clapp is also boring about three miles up “ Hemlock,” with excellent prospects. A very fine well has also been struck 
the past week on the M’Crea farm, opposite this land, on the river. From the fact that excellent producing wells are almost daily 
being struck above, below, and opposite these lands, and its close proximity to the celebrated Walnut Bend and Horse Creek lands, I 
have’no hesitation in saying that 1 consider this the most valuable territory in this region that can be procured. I have spent much 
time in examining these"lands, and from the geological position, I have not the least doubt bat large quantities of oil will be the result 
of proper developments. I remain yours, drc., C. M. MORSE. 



















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THE 


President Petroleum Co., 

PRESIDENT, 


VENANGO COUNTY, PENN. 


Organised} under the Lawi of Pennsylvania. 


OFFICERS. 


President—AMORY EDWARDS, Esq., New-York. 
Treasurer—L. H. 8IMPSON, Esq., New-York. 
Becretary-J. EDWIN CONANT, Esq., New-York. 
Counsel—Messrs. PLATT, GERARD & BUCKLEY, New- 
York. 

DIRECTORS. 


AMORY EDWARDS, Esq., New-York. 

EBEN B. CROCKER, Eeq , of Crocker & Warren, New- 
York. 

FLETCHER WE8TRAY, Esq., of Westray, Gibbs & Hard- 
eastle, New-York. 

J. M. CLAPP, Esq., President, Venango County, Penn. 

L. H. SIMPSON, Esq., of L. H. 8impson & Co., New-York. 
JOHN M. CLAPP, Esq., General Resident Superintendent. 


ITS LANDS FORMS ITS 

Capital Stock, .... $5,000,000 

In Share9 of $25 Each, par Valoe—Sub¬ 
scription Price, $5 per Share, 

Being in full payment for a $85 Share. No further call or 
assessment to be made. 

20,000 Shares, or $100,000, Reserved for 
Working Capital, 

fJT Parties Subscribing to this Company will receivt an 
equal amount of Stock in two other Companies adjoining, 
without f urther charge. 

THE LANDS OF THESE COMPANIES are located on th# 
Alleghany River, and on Hemlock, Porcupine, and McCrea 
Creeks, making an OIL-BORING TERRITORY OF OVER 
TEN AND A-HALF MILES IN EXTENT. 

The wells on the adjoining property, known as the “ Cele¬ 
brated Heidricks” wells and “Pithole Creek” wells, are 
famous for their Immense supply of oil. 

The wells on this property are being sunk with great vigor, 
and promise large supplies of oil. 

To the capitalists and to parties of limited means unsur¬ 
passed inducements are offered. 

Persons investing In this Company get $5 stock and the 
above BONUS for each $1 invested, without further call or 
assessment. 

Subscription-books, maps, and all other Information, can 
h« obtained at the office of the Subscription Agents, 

L. H. SIMPSON & CO., 

No. 64 C«4ar street, New-York. 

83?“ No subscriptions taken for lees than ONE HUNDRED 
DOLLARS. 1790-11 







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